Thursday, January 3, 2008

Financial Shape in 2008

Crystal has issued a challenge this year to live within a budget. I am joining her and would like to share how our budget looks. Please keep in mind this budget is after 9.5 years of marriage and 4 children. When we were first married with no children, we would live off Cory's income and put all of mine into savings. Even though we are now a 1 income family, his income has increased over the years and we have added 4 more people to our family. We also live in a bigger city so our mortgage is twice what it was when we first got married. We have committed to live with no debt (aside from mortgage) since we were first married. It has been difficult at times and required a good bit of compromise and creativity, but we are determined to live within our means. So, here ya go:

Tithe - 10% of gross income
Mortgage - $1415/month
Utilities (water/trash/electric) - $300/month
Student Loan - $110/month
Property Taxes - $200/month
Auto Ins./Gas - $200/month
Home Ins. - $100/month
Life Ins. - $65/month
Internet - $30/month
Phone - $35/month
Cell - $45/month
Groceries - $200/month
Juice Plus - $80/month
School (1 day program for kids and curriculum) - $200/month
World Vision sponsor - $30/month

Total Monthly Expenses - $2,965 plus tithe
Total Yearly Expenses - $35,580 plus tithe

Everything we take in above and beyond our expenses (including tax refund at the beginning of the year) goes into a CD that we use as a savings account for the year. Our grocery budget has dropped dramatically in the past few months thanks to a number of resources that have helped me learn how to clip coupons, watch sales and do the "CVS thing". It has been a great way to adjust our budget even lower. For more info on how to get started with CVS, check out Crystal's blog.


Donna said...

Wow, it looks great, My husband does not wish for me to post ours--but we do have one and I merely work my butt off on controling my part-the food and misc. expenses. We each have allowances. But it has been amazing to me to see so many people not having car payments--I guess I thought they were a way of life. We have decided to not have them again. But we still owe 2 years I think--on both our vehicles--his a small economy type car (great on gas) Mine is of course the standard mom mobile. However, we bought an inexpenisive Kia brand with a 10 year bumper warranty. We plan to keep it it least 10 years and use up that warranty.

I was wondering what is Juice Plus?

Angie Hopkins said...


Your budget looks great! I love that you were committed to a debt-free lifestyle from the beginning of your marriage. What a blessing! My husband and I were not so smart and believed Satan's lie of debt for way too long! We are doing the Dave Ramsey plan now and have paid off more than $20,000 in 2 years on teacher's salaries. Thanks for posting your numbers! It is an encouragement and thanks for putting a link to my blog on your site! That is very sweet!


Sarah said...

Your budget looks great! I am so glad Crystal is doing this and encouraging other women to live within a budget. I excited to see how this goes.

Melonie said...

I had the same question reading over your budget - what's the Juice Plus? :-)

Good for you on the CVS savings - we don't have a CVS but I've been able to scare up some good deals at Walgreens and have cut our grocery budget in half just with smarter shopping and couponing - which more than accounted for the arrival of a baby and a need for his needs (diapers, formula). Now my goal is to try to tackle Walgreens harder to cover those diapers. :-) Wish me luck - and keep up the great work!!!